Printed on Mon Sep 26 2022 8:20:28 PM

Bangladesh's remittances hit a record in FY 20-21

Staff Correspondent
National
Bangladesh's remittances
Remittance fighters have sent money to the country even amid the global pandemic of coronavirus. Although there is not much good news in import-export, the record of expatriate income has been recorded in the just ended financial year.

At the end of the fiscal year 2020-21, the expatriates sent remittances of USD 2477 crore 77 lakh. Which is more than two lakh 10 thousand 610 crore rupees. Never before has so much remittance come to the country as in the financial year.

On the other hand, the reserve amount of Bangladesh Bank (up to 29 June) is 46.08 billion dollars or about 4608 crore dollars. Which is three lakh 91 thousand 697 crore rupees. With this huge foreign currency, it is possible to meet the import cost of the country for more than 11 months. Bangladesh Bank sources said this on Monday, July 05.

The banking sector is seeing the huge influx of remittances in the country as positive. They say remittances are coming to the country through legal channels due to the government's cash incentives. Besides, the expatriates are sending extra money for their families ahead of the upcoming Eid-ul-Azha (Eid-ul-Azha), due to which remittances have increased.

According to the report of Bangladesh Bank, in the last month of the outgoing 2020-2021 fiscal year, in June, the expatriates sent remittances of USD 194 crore to the country. Which is the highest remittance in the whole financial year. And the amount of remittances for the whole last financial year stood at 2477 crore 77 lakh dollars or 2 lakh 10 thousand 610 crore taka. The highest remittance in the history of the country has come in the outgoing fiscal year.

In the previous financial year (2019-2020), remittances of 1820 crore dollar or 18.2 billion dollar came to the country. Which is the most up to that time. During the previous financial year (2018-2019), remittances came to 1,642 crore.

In the last financial year, Bangladeshi expatriates working abroad sent remittances of 1,814 crore 40 lakh through 39 private commercial banks. And remittances of 610 crore 62 lakh came through state-owned banks, 41 crore 30 lakh dollar came from a specialized bank and 11 crore 45 lakh came through 8 foreign banks.

As a single bank in the 2020-2021 financial year, the highest remittances came from Islami Bank. A total of 745 crore 76 lakh dollar in remittances came from this private sector bank. This is followed by the government leading bank. Remittances of 282 crore 32 lakh dollar have come from the state-owned bank. 249 crore came through Dutch Bangla Bank. And Sonali Bank has received remittances of 153 crore dollars.

Meanwhile, Bangladesh's foreign exchange reserves have crossed the 46 billion milestone in the pandemic, relying on remittances sent by expatriates. At the end of the day on Tuesday, June 29, the reserves of Bangladesh Bank stood at 48.62 billion dollars, which is more than at any time in the past. With this reserve of four billion dollars per month, it is possible to meet the import cost of more than 11 months. According to international standards, a country has to have foreign exchange reserves equal to three months' worth of import costs.

Voice TV/IA
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